BENSALEM, PA – (COMMERCIAL THREAD) – Howard G. Smith Law Firms Announce Investigation on Behalf of Ebang International Holdings, Inc. (“Ebang” or the “Company”) (NASDAQ: EBON) investors regarding possible violations by the Company of federal securities laws.
On April 6, 2021, analyst Hindenburg Research released a report alleging that the Chinese cryptocurrency firm was directing the proceeds of its IPO last year into a “series of dark deals with insiders and dubious counterparties. “. According to the report, Ebang raised $ 21 million in November 2020, saying the proceeds would go “mostly to development,” and that $ 21 million was intended to repay loans between parties related to a relative of the CEO. of the company, Dong Hu. The report also noted that Ebang’s earlier efforts to go public on the Hong Kong Stock Exchange failed due to widespread media coverage of his relationship with Yindou, a huge Chinese peer-to-peer online lending program. who defrauded 20,000 individual investors in 2018, with $ 655. millions “disappear in the air”.
On this news, Ebang’s stock price fell 16% during intraday trading on April 6, 2021.
If you have purchased Ebang securities, have any information or would like to learn more about these claims, or have any questions regarding this announcement or your rights or interests in any such matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, PA 19020 by phone at (215) 638-4847, toll free at (888) 638-4847, or by email at [email protected], or visit our website at www.howardsmithlaw.com.
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